RMB exchange rate unification officially implemented
On January 1, 1994, the official and market exchange rates of the Renminbi were merged, forming a unified exchange rate.
On January 1, 1994, the official and market exchange rates of the Renminbi were merged, forming a unified exchange rate.
Zhu Rongji pushed forward the tax-sharing reform, allocating 75 percent of value-added tax to the central government and retaining 25 percent for local governments, while establishing a vertical national tax team. This led to a massive surge in central government fiscal revenue alongside a sharp increase in local fiscal pressure, laying hidden dangers for land finance and local government debt.